Thursday, February 23, 2012 10:03:04 PM
CYBEX International-CYBI
Cybex International Inc Reaches Settlement Reduced In Barnhard Product Liability Suit Monday, 6 Feb 2012 09:42am EST Cybex International Inc announced that it has reached a settlement in the product liability litigation, Barnhard v. Cybex International, Inc. Pursuant to the settlement, Cybex will pay to the plaintiff, net of insurance, approximately $19,500,000, of which approximately $18,500,000 will be paid at the consummation of the settlement with the balance paid over seven years. As part of the settlement, Cybex will be released of all further liability with respect to the litigation, which will be dismissed with prejudice. Cybex will satisfy its cash obligation through available cash, its existing line of credit and additional financing, which it is in the process of arranging with its principal bank. The settlement is subject to standard closing conditions, including the execution of a definitive settlement agreement by Cybex, the plaintiff and the third party defendant. Cybex anticipates that all conditions will be satisfied and funds disbursed within the next 30 days.
Press Release: Wed, Feb 22, 2012 9:00 AM EST
Cybex International, a leading manufacturer of exercise equipment, is outfitting the state-of-the-art Allegheny Sports Medicine mobile fitness and therapy centers used by the world’s elite golfers on the PGA TOUR and Champions Tour in 2012.
Shares Outstanding: 17.12M
Float: 8.50M
Authorized: 38.35M
CYBI - Daily Candlesticks
Cybex International Inc Reaches Settlement Reduced In Barnhard Product Liability Suit Monday, 6 Feb 2012 09:42am EST Cybex International Inc announced that it has reached a settlement in the product liability litigation, Barnhard v. Cybex International, Inc. Pursuant to the settlement, Cybex will pay to the plaintiff, net of insurance, approximately $19,500,000, of which approximately $18,500,000 will be paid at the consummation of the settlement with the balance paid over seven years. As part of the settlement, Cybex will be released of all further liability with respect to the litigation, which will be dismissed with prejudice. Cybex will satisfy its cash obligation through available cash, its existing line of credit and additional financing, which it is in the process of arranging with its principal bank. The settlement is subject to standard closing conditions, including the execution of a definitive settlement agreement by Cybex, the plaintiff and the third party defendant. Cybex anticipates that all conditions will be satisfied and funds disbursed within the next 30 days.
Press Release: Wed, Feb 22, 2012 9:00 AM EST
Cybex International, a leading manufacturer of exercise equipment, is outfitting the state-of-the-art Allegheny Sports Medicine mobile fitness and therapy centers used by the world’s elite golfers on the PGA TOUR and Champions Tour in 2012.
Shares Outstanding: 17.12M
Float: 8.50M
Authorized: 38.35M
CYBI - Daily Candlesticks
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